Venmo, the P2P payment service best known for helping millennials pay each other back for pizza, beer and rent, has expanded its capabilities. Starting today, everyone can use Venmo to make in-app purchases with participating merchants.
While the California-based company began testing in-app payments in January, today marks the public launch. Developers can integrate Venmo payments for merchants using Braintree’s API, which charges 3% +$0.30 per transaction. This is a big step up in revenue from what it was bringing in previously. The company’s flagship P2P money transfer service is free for ACH transfers and debit card charges and costs 3% for credit card transactions.
Currently 11 merchants accept Venmo payments:
- Hop Market
- Parking Panda
The Venmo checkout experience offers the ability to split and settle a bill and promises to be fast; customers will not need to leave the merchant’s app. As for merchant appeal, Venmo expects a viral lift from its social feed as customers share their purchases. As Venmo says on its website, “Your business just got access to lots of social friends.”
Braintree presented at FinDEVr New York 2016, where it talked about making beautiful credit card forms. For more presentations like these, pick up your ticket to FinDEVr Silicon Valley, this October 18 & 19 in Santa Clara.